MONEY

ICAI drafting research paper to assist SEBI in tackling financial frauds

The Institute of Chartered Accountants of India (ICAI) will be preparing a research paper to help markets watchdog Securities and Exchange Board of India (SEBI) in dealing with financial frauds.
ICAI President Charanjot Singh Nanda has said that the chartered accountants’ apex body will set up a working group and hold discussions with the markets regulator to finalise various aspects that will be looked into with respect to tackling financial fraud.
The working group will submit a research paper to the SEBI in this regard, Mr Nanda has added. Mr Nanda had a meeting with SEBI Chairman Tuhin Kanta Pandey recently.
“India is a very favourable investment destination. People want to invest in India, and normal (sic) people have diverted their savings to the markets such as systematic investment plans,” Mr Nanda has said.
It is important for the SEBI to ensure the protection of investors’ interests. Along with the ICAI, a system can be developed to prevent fraud, he has added.
In recent years, there have been increased investments in the capital market, including from retail investors. There have also been instances of financial misdoings and price rigging.
Various efforts are being taken by regulators to sensitise the public and curb frauds to protect investors’ interests and boost financial markets.
The ICAI has more than 4.35 lakh members and over 10 lakh students.

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